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Rockwood Capital Acquires San Diego's 600 B Street from LPC, Angelo Gordon

HFF Brokers $109.5M Sale, $81.2M Financing
September 6, 2017
Rockwood Capital LLC acquired the 600 B Street office building at 600 B St. in San Diego, CA for $109.5 million, or about $305 per square foot, from a joint venture between Angelo, Gordon & Co. and Lincoln Property Company (LPC).

The 24-story, 359,278-square-foot, 4-Star office tower was built in 1974 by LPC and Hurkes Harris Design Associates, architect. The steel tower occupies a full city block on 1.4 acres in the Downtown submarket of San Diego County, between Sixth and Seventh Avenues, located near 25 restaurants, nine banks, 600 hotel rooms, five trolley stops and 3,300 residential units.

The asset features floor-to-ceiling windows and column-free, 15,000-square-foot floor plates offering panoramic city views in addition to on-site, subterranean parking with 312 stalls, outdoor plaza with seating, shared conferencing facilities, 24/7 security, on-site daycare and an Energy Star rating for operating efficiency. It was renovated in 2007 with new prominent lobby, elevators and exterior, and today is almost 90 percent leased to 33 tenants including WeWork, The San Diego Union-Tribune, MiTek and Robbins Arroyo.

"The buyer recognized the opportunity to acquire an asset that has a tremendous future with the resurgence of the downtown San Diego office market," said Nick Psyllos, senior director with Holliday Fenoglio Fowler (HFF) LP. "It provides both long-term tenancy with the Union-Tribune and WeWork and a good mix of smaller tenants throughout the building to build on that momentum. In addition, the various common areas provide additional opportunity to continue to improve and enhance the building."

The buyer acquired the asset free and clear of existing debt. Subsequent to the sale, Rockwood secured $81.2 million in acquisition financing. The HFF debt placement team led by Aldon Cole arranged the three-year, floating-rate, interest-only loan with two one-year extensions on behalf of the borrower, placing the loan package with HSBC Bank USA.

Nick Psyllos, Nick Frasco, Ryan Gallagher, Taylor Bergthold and Kara Mathis with HFF (acting through Holliday GP Corp., a real estate brokerage licensed in California) represented the sellers in the sale. The buyer handled the deal in-house.

Please see CoStar COMPS #3992234 for additional information on this transaction.
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